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Metals Stocks: Gold creeps lower after ADP jobs data

Gold futures inched lower Wednesday after a gauge of private-sector U.S. employment proved in line with Wall Street expectations, possibly providing the Federal Reserve evidence that the domestic economy is on a relatively healthy footing.

The U.S. added 179,000 private-sector jobs in July, according to Automatic Data Processing Inc. Typically, the ADP report is viewed as a guide to the Labor Department’s monthly jobs report, which has been volatile over the past two months. Economists polled by MarketWatch forecast Friday’s data will show nonfarm payrolls rose 185,000 in July. See:Economic Calendar

Some market participants believe that signs of vitality in the labor market may give the Fed cause to resume lifting interest rates as early as September, which would boost the dollar and drag precious metals lower.

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